So, over £200 down on the family income this month as of pay day tomorrow.
Ouch.
Why ?
I got my bonus...
The tax man took over half of it.
🙁
NI increases, I suspect.
Coupled to coming off the fixed tariff fuel, cost of petrol, and cost of the weekly shop I reckon this household is around £300 a month down in disposable income.
Mine was up, but that pushed me into paying tax so it’s just slightly up
Wasn't aware of an NI increase... i can't change it, so i'll just deal with it 🙂
Why ?
Yes the NI increases. And yes, nothing we can do about it, but I'd be more comfortable if I could trust it was actually going to where its purported to go.
Wasn’t aware of an NI increase… i can’t change it, so i’ll just deal with it 🙂
[edit] as Kryton says, if it was certain to go where it's supposed to then it might be (more) palatable, but when the criminals in charge have spaffed so much on mates contracts for PPE and tracking apps and ........ you forgive folk for losing faith this isn't another scam.
I'm not even opening it as it'll be something that tells me i've got less.... i'll find that out tomorrow anyway 😀
But hey... we're all still here, kicking along in our middle class lives talking on the internet about our £5000 bicycles and £30,000 cars...
It's all good 🙂
But hey… we’re all still here, kicking along in our middle class lives talking on the internet about our £5000 bicycles and £30,000 cars…
It’s all good
It isn't if you aren't comfortable and middle class. It's potentially a ****ing disaster.
All gone already
Moved house at the end of Feb, EVERYTHING increased and I'm still paying for storage (that's been resolved moving forward). Still we're not on the breadline and we're very lucky so I'm not complaining, just need to adjust.
Yup, I'm down a fair chunk this month now, was expecting it but it still stings.
I guess someone has to pay for the £37 Billion the Tories pissed up the wall on a track & trace system that didn't work and buying dodgy rip-off PPE from their 'Fast Lane' chums/donors.
Then you wouldn't be posting on STW.... despite what some may say, the vast majority on here ARE middle class... a bit of cutting of the cloth will see 95% of here fine and dandy i suspect.
I may be wrong, but i don't see the vast majority of STWers on the breadline and struggling to afford own-brand beans and a loaf.
Believe it or not there are folk on here who earn NMW (or just above) where £300 could be a weeks wage.
Some of you need a look outside your bubble
1.25% increase has cost you £200. 😳
I'm sure that's a big hit to take personally but working backwards, you're a long long way from the mean.
some of us are, some of us aren't. One poster already has mentioned getting a pay rise that just puts them into paying tax.
It's also a thought for those who don't have £5K bikes and £30K cars; this application of 1.25% across the board hits all when it could have been aimed more directly at those with higher income.
Some people won't be able to 'just deal with it' and it isn't all good. Record numbers of food bank users, for example.
I may be wrong, but i don’t see the vast majority of STWers on the breadline and struggling to afford own-brand beans and a loaf.
It's not about you, me, or the majority of "us".
It's about those who are already struggling and don't have "our" various advantages and good fortune.
Believe it or not there are folk on here who earn NMW (or just above) where £300 could be a weeks wage.
granted, but their NI hasn't just gone up by £200 a month has it ?
Can't tell as got bonus, next month will show how much it bites
Down about £400 here as Mrs S is now on half pay - long term absence due to breast cancer.
Perspective?
😉
Some people won’t be able to ‘just deal with it’ and it isn’t all good. Record numbers of food bank users, for example.
Indeed this. I don't know how some people and families are going to cope over the coming months and years. For some it's not a case of cutting back - that would mean not enough food, not enough heating and unable to afford the basics of clothes/school uniform/etc.
The crisis however is being denied by our Tory overlords and they've spent the last year focussed on themselves, not on the nation they serve.
Anybody else on PAYE also get a note on their payslip from HMRC? A nice political message about how NI increase was going directly into health and social care.
1.25% increase has cost you £200. 😳
I’m sure that’s a big hit to take personally but working backwards, you’re a long long way from the mean.
If it's just the NI increase, that would mean a household income of £200k.
Mine has gone up by £25. Meh.
I've manged to save £50/month by changing a couple of things, new broadband provider, cancelling an insurance, that sort of thing, plus a £45/month increase on take home pay this month.
And yet I don't feel any better off as everything else has gone up.
.
However, I am fortunate enough that I am in the position where I'm struggling to afford a holiday, rather than struggling to afford a meal so I can't complain really. (I earn 17% less than the UK median wage so not typical STW demographic. £5k bike? Tick. £30k car? Absolutely no chance, slightly rusty nine year old van)
OP - The NIC increase is 1.25% so I’m wondering if something else is at play here. Has your tax code changed since March, have you been enrolled into a pension?
Weirdly I got £300 more this month due to change in tax code, despite paying £100 more NI. Not sure tax code is now correct mind you so I'm expecting it to all be taken back in future.
If it’s just the NI increase, that would mean a household income of £200k.
Hmm yes , something else is afoot. I can't see my payslip only wages pending in my bank account. Maybe it's something else, we aren't on £200k! Maybe a tax code adjustment, I recently started a new job.
Anybody else on PAYE also get a note on their payslip from HMRC?
It's a suggestion directly from HMRC website. As most folks use a payroll system like we do, I saw that ours had this loaded automatically in this months payslips. I had to manipulate it to get it taken off. I'd imagine that most companies won't bother.
granted, but their NI hasn’t just gone up by £200 a month has it ?
Not sure if trolling
No, they won't be losing £200 per month, but they'll still be losing 1.25% of whatever they had* which when you can't break even already pushes them further into fuel or food poverty.
* more actually in real terms - if you earn £300 a week but after bills and the rest have £10 left, even if 1.25% off your income is 'only' £3.75 that's 37.5% of what they actually had.
Whereas if you have the disposable income that the impact is that you had £1000 a month left to spaff on C&H and now you only have £800 - you've still got £800, and why not pay the example above's share as well (3.75 x 4 weeks means they now only have £785.....and no, I am not worried for them)
It's 14°C in my "office"... I'm wearing two coats. This is the new normal. I have't worked out the NI impact on myself yet, but there isn't spare money. Not flown for 15 years. Just the one car that's nearing 15 years old. Yet I know we are are VERY lucky compared to many. Some people will be cancelling their skiing holiday next winter... others will be turning off their fridges and not washing their kids clothes. These two groups will probably rarely cross paths and speak to each other about what the cost of living crisis really means to each of them.
Anybody else on PAYE also get a note on their payslip from HMRC? A nice political message about how NI increase was going directly into health and social care.
I haven't, but then I'm in Scotland and as far as I recall, the NI increase was to go towards improving monies for health and social care in England...if that is the case then I suspect HMRC won't be letting me know that any increase I'm paying is not being spent in my country (of this 'great' union)...
I'm hoping I've completely misunderstood it all, but it does seem to bit odd for the increase to be used just in England rather than the whole island.
Barnett Consequentials?
I’ve absolutely no idea as I started a new job and won a back pay claim, this bumped me up a few levels. I’m very fortunate with the timing and feel for those who are going to struggle with their utility bill increases.
1. 1% National insurance increase = £40/m
2. 50% Electricity increase = £50/m
3. 15-20% increase in food prices = £80-100/m
4. 70% increase in heating oil price = £40/m
5. 20% increase in petrol price = £10/m
6. 25%(av) increase in streaming prices £8/m
7. 5.5% Council tax increase = £11/m
8. 11% water rate increase = £6/m
9. 9% Childcare increase = £40/m
All totaled = ~£300/m worse off than this time last year.
Wage increase this year was 0.75%. In real terms, since the start of the pandemic, I'm about 15% below where I was in real terms.
Almost everyone will be facing similar challenges - £300 is A LOT to me, but it's more than ALL for many people.
No difference to mine. I earn so little now i don't pay tax or ni.
Yes, its tough and i try to be as careful as i can be with the spending without compromising on meals. Like i dont survive e on toast and pasta.
Still blow 200 a week somewhow.
And its not coke and/or hookers
Then you wouldn’t be posting on STW…. despite what some may say, the vast majority on here ARE middle class… a bit of cutting of the cloth will see 95% of here fine and dandy i suspect.
As a couple we're down far more than £200 a month; oil doubling costs us about £150 a month, NI about £150, fuel will be another £100 and shopping probably adds another £50-100. All in about £450-500 per month.
Top work all you idiots who voted Tory in 2019 or Leave in 2016 (is that you Weeksy, you come across as that 'demographic') - hope you're all struggling.
EDIT - NI impact could be more as I'm paid 4-weekly so it's out-of-step
I haven’t, but then I’m in Scotland
I’m in Scotland too.
I work with poor and vulnerable people and am terrified of what it's going to be like this winter.
I'm in Scotland working for a Scottish organisation and got the nice message about my NICs being spent on NHS and social care.
As a couple we’re down far more than £200 a month; oil doubling costs us about £150 a month, NI about £150, fuel will be another £100 and shopping probably adds another £50-100. All in about £450-500 per month.
That's a different story/conversation though, the topic was more about him being hit directly on salary... we are of course ALL being hit in the wallet for the above yes.
I’m in Scotland working for a Scottish organisation and got the nice message about my NICs being spent on NHS and social care.
Being spent on NHS and social care in Scotland? If so, then I'm pleased to have misunderstood what it was being put towards as that should mean everyone is benefitting.
i appreciate it is very hard for some people, really not good. I'm a single father here in Sweden and the cost of living has rocketed recently. Fuel is (or certainly was) one of the highest priced in europe. However, as a general rule i think that people being more frugal and consuming less is generally a good thing.
The govt haven't spun it well but the NI increase is actually a decrease for anyone earning under £35k. The threshhold at which you start paying is in July going up from £9880 to £12570 which for most earners will more than cancel the percentage rise.
https://ifs.org.uk/publications/15929
I don't particularly object to the NI hike. Everyone is living longer and dying more slowly and messily.
hat’s a different story/conversation though, the topic was more about him being hit directly on salary
He didn't actually say that, he said:
So, over £200 down on the family income this month as of pay day tomorrow.
